Austin Financial Services and Stearns Bank Enter New Strategic Joint Venture

Los Angeles, CA – April 22, 2025 – Austin Financial Services, Inc. (AFS), a leading nationwide provider of asset-based lending (ABL) solutions, announced it has entered into a new strategic joint venture with Stearns Bank, a well-capitalized, employee-owned financial services institution committed to helping small businesses, entrepreneurs and communities reach their full economic potential.

This strategic partnership combines Stearns Bank's well-capitalized financial infrastructure with AFS’s entrepreneurial alternative lending model. Together, the companies will continue to provide flexible, relationship-focused lending solutions that empower small and medium-sized businesses to succeed in today’s economic landscape. The joint venture was fully executed and effective as of April 1, 2025.

“We’ve had the pleasure of working with Stearns Bank as a lending partner for several years. Getting to know their senior leadership and ownership has given us great confidence in the strength of this partnership,” said Jason Anish, President and CEO of AFS. “They demonstrate a deep commitment to their employees and deliver exceptional service to their customers. We share a like-minded, growth-oriented culture grounded in those same values. This joint venture positions us to continue to provide the flexible, relationship-focused solutions that have defined our business for over 40 years and will continue to do so well into the future.”

The joint venture reflects both companies’ shared commitment to supporting entrepreneurial businesses—and sets the stage for continued growth, innovation, and long-term client success.  AFS will continue to operate as an independent alternative lender and its clients will maintain the flexibility to bank where they choose, while also having the opportunity to take advantage of Stearns Bank’s best-in-class banking services. The partnership will also allow AFS to expand beyond its current asset-based lending product suite and explore new offerings to better serve its growing client base.

“This strategic alliance reinforces our commitment to delivering exceptional service as we help customers navigate an evolving economic environment,” said Heather Plumski, President of Stearns Bank. “We’re excited to partner with AFS and look forward to the positive impact this venture will have on the communities we serve nationwide.”

This joint venture follows Stearns Bank’s recent acquisition of Horizon Bank’s Mortgage Warehouse Lending Division earlier this year. Both transactions are part of Stearns Bank’s broader strategy of expanding its national footprint and reaching key business objectives in its three-year strategic growth plan.   

To learn more about AFS’ flexible ABL solutions and lending capabilities, please visit: https://austinfinancial.com/.

To learn more about the innovative and industry-leading banking services, products and solutions available at Stearns Bank, please visit: www.StearnsBank.com.

About Austin Financial Services (AFS)

Headquartered in Los Angeles, Austin Financial Services (AFS) is a privately held, nationwide leader in asset-based lending, serving the lower-middle-market sector for over 40 years. Specializing in alternative financing options, AFS provides fast and flexible lines of credit to small and medium-sized businesses that are experiencing growth or undergoing a turnaround. Clients typically have revenues ranging from $10MM to $250MM and have borrowing needs of up to $20MM. AFS’s comprehensive portfolio includes flexible revolving lines of credit secured by accounts receivable and inventory, along with term loans secured by equipment.

About Stearns Bank N.A.

Stearns Bank National Association is a majority women-owned and governed financial services institution committed to empowering people, entrepreneurs, small businesses, and local communities to reach their full financial potential. As a privately held, employee-owned entity, Stearns Bank offers a wide array of national products and services including consumer and small business banking, affordable housing financing, USDA and SBA lending, and equipment and small business financing. Headquartered in Minnesota, the well-capitalized institution has branch locations in Minnesota, Florida, and Arizona. Guided by a commitment to fostering a diverse, inclusive, and equitable workplace, Stearns Bank is regularly recognized as one of the nation’s highest performing banks and ‘Best Banks to Work For’ by American Banker. Member FDIC. Equal Housing Lender.